Why is it in the news?
- Sultan of Oman’s visit to India, the first since assuming office in 2020, signifies the importance both nations place on bilateral ties.
Some of the key highlights
Oman-India Joint Investment Fund
- Third tranche of $300 million announced, demonstrating a commitment to economic collaboration.
- Joint venture between State Bank of India and Oman Investment Authority, emphasizing a balanced partnership.
- Aim is to channel funds into rapidly growing sectors of the Indian economy, fostering mutual economic growth.
Joint Vision Document
- Adoption of “India-Oman Joint Vision: A partnership for the future” reflects a shared commitment to long-term cooperation.
- Aligned with Oman Vision 2040 and India’s development vision till 2047, providing a strategic framework for future engagements.
Agreement on Money Laundering
- Signing an agreement between Financial Intelligence Unit of India and National Centre for Financial Information of Oman underlines joint efforts to combat financial crimes.
- Focus on preventing money laundering strengthens financial cooperation.
- Anticipation of signing a Comprehensive Economic Partnership Agreement (CEPA) during the head of state visit highlights the commitment to deeper economic integration.
· Bilateral trade in 2022-23 at $12.3 billion, showcasing the economic significance of the relationship.
· India as the 2nd largest market for Oman’s crude oil exports and 4th largest market for non-oil exports signifies the diversification of economic ties.
· Regular biennial bilateral exercises (Al Najah, Eastern Bridge, Naseem Al Bahr) strengthen military-to-military cooperation.
· Enhances mutual understanding and interoperability between armed forces.
· Presence of around 700,000 Indians in Oman, including workers and professionals, underscores people-to-people ties.
· Some Indian families residing for over 150-200 years exemplify the historical depth of connections.
· Oman’s strategic location at the Strait of Hormuz’s gateway crucial for India’s oil imports.
· The 2018 pact granting India access to the Duqm port enhances maritime cooperation and trade facilitation.
· Central Bank of Oman (CBO) and NPCI: MOU signed in 2022 to link payment systems enhances financial connectivity. Facilitates smoother transactions and economic cooperation.
· Oman News Agency and Asia News International: Exchange of MOUs facilitates information exchange, fostering cultural and media ties.
- Oman’s role as a key pillar in India’s West Asia Policy underscores its strategic importance.
- Its strategic location enhances mutual security and economic interests.
- Building on historical ties and adapting to the changing global landscape, India and Oman can jointly contribute to regional stability and prosperity.